校正理念推动公募基金经营变革

Core Viewpoint - The recent revision of the "Sales Expense Management Regulations for Publicly Offered Securities Investment Funds" by the China Securities Regulatory Commission marks a significant step towards the high-quality development of China's public fund industry, aiming to create a healthier and more sustainable industry ecosystem [1] Group 1: Industry Development - The public fund industry in China has rapidly developed, with a total scale exceeding 35 trillion yuan, playing a positive role in capital market reform and resident wealth management [1] - The sales fee reform initiated in July 2023 aims to systematically reduce sales fees and standardize charging models, thereby alleviating the burden on investors and guiding sales institutions to correct their business philosophies [2] Group 2: Fee Structure and Investor Impact - Historically, high subscription and redemption fees in the public fund sector have led to a focus on initial sales rather than ongoing management, with some institutions inducing investors to "redeem old and buy new," harming investor interests [2] - The optimization of sales fees is expected to lower investment costs for investors and compress revenue from flow fees, encouraging sales institutions to shift from earning through "flow" to "retention" [2] Group 3: Regulatory Enhancements - Strengthening regulatory frameworks will reshape the public fund sales landscape, addressing issues such as the ownership of idle fund income and repeated charges for fund advisory services [3] - New regulations will encourage investors to adopt long-term and value investment strategies, with measures such as full redemption fees being included in fund assets and the prohibition of sales service fees for funds held longer than one year [3] Group 4: Future Outlook - The sales fee reform is viewed as the starting point for a new journey in the industry, emphasizing fiduciary duties and enhancing the investment experience for investors [4] - A public fund industry that prioritizes investor interests and fosters mutual growth will play a crucial role in the long-term appreciation of residents' wealth and the maturation of China's capital market [4]